As the calendar year draws to a close, payroll administrators find themselves immersed in a series of crucial tasks to ensure a smooth transition into the new fiscal year. Year-end responsibilities can be complex, demanding attention to detail and adherence to regulatory requirements. In this article, we will outline the essential tasks that every payroll administrator should complete to wrap up the year efficiently.
We understand this can be a very stressful and overwhelming process. Here at Dominion Payroll, we want to make it as smooth an experience as possible. Below are a few helpful resources for you to navigate the complexities with confidence.
The resources above are rich with details to guide you into 2024! Below is a handy checklist to get you started. Review your 2023 Year-End Guide for a full overview and important deadlines.
- Review processing deadlines and identify your last payroll check date of 2023. (PG 8)
- Review ‘Dates to Remember for Year-End.’ (PG 7)
- Review payroll run schedule for 2024 and contact your support team for any changes.
- Perform an audit of employee data related to SSN, name and mailing address. Make any necessary updates in isolved before your last payroll run of 2023.
- Third Party Sick Pay information should be processed by January 2, 2024. Fees will apply for amendments/adjustments after the deadline.
- Identify and process any end of year payroll, such as Bonus and Fringe Benefits, with a pay date in December 2023 that has ‘live wages’ if you want them to apply to 2023.
- Enter any additional manual checks and/or voided checks that need to be recorded in 2023, prior to your last payroll process date of 2023. If entering manual checks/voids, contact your support team to make sure it is recorded in 2023. This CANNOT be done after January 5, 2024.
- Review and approve your ACA forms by February 2, 2024, for the March 1, 2024 distribution - if applicable. (PG 12)
2023 Year-End Event
A huge THANK YOU to all of those who joined us for a successful launch on November 16th!
More than ever, we are dedicated to providing industry-leading service to you, our client. This is the driving force behind our Year-End intensive event. Our team stepped up to the challenge and provided an in-depth review of important tasks and critical deadlines for 2023. This event also gives our audience the opportunity to ask questions and engage directly with their payroll, HR, benefit, tax and product experts - both online and in-person.
If you were unable to attend, you can review the recording and slides here!
Ringing in 2024
The culmination of the calendar year brings forth intricate responsibilities, requiring meticulous attention to detail and strict adherence to regulatory standards. Your dedicated Dominion Payroll team is here to provide award-winning support! Reach out to your support team today if you have any questions or need guidance.
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